DexCom Inc. (NSDQ:DXCM) reported preliminary revenues for its 3rd quarter yesterday of approximately $105 million, sending shares up nearly 20%.
That puts DexCom nearly $8 million ahead of street expectations, which guessed the company would bring in $97 million for the quarter. The number is also up $36 million, or 52% from the same quarter last year.
The news has sent shares skyward, gaining 19.4% to $84.35 upon closing today.
“Our 3rd quarter revenues again exceeded our expectations and we couldn’t be more pleased with the performance of our organization. Demand for our G5 Mobile system has been overwhelming and our pipeline of new patient opportunities is larger than it has ever been. We have worked diligently to fulfill demand by new patients, we have commenced shipping upgrades to existing patients and we expect to complete the upgrade cycle before the end of 2015. There has been some noise in the marketplace recently suggesting that certain payers are seeking to delay payment for CGM, and while we have always stated that payers can be challenging from time to time, we could not deliver a record quarter in terms revenues without meaningful contribution from all major payers,” CEO Kevin Sayer said in prepared remarks.
In a letter to investors, Leerink Partners analyst Danielle Antalffy said the prelims suggested that the company is seeing a decent rate of new customers adopting its G5 continuous glucose monitor.
The G5 won a nod from the FDA in August, and CE Mark approval in the European Union last month.
Antalffy said it was the 12th quarterly beat since DexCom launched its G4 CGM in Q4 2012.
“This level of sales suggests that DXCM may have added nearly 40,000 new patients in the quarter – up mid-teens sequentially – the most ever. And with no real tangible signs of slowing momentum, we’re increasing our 2015E and 2016E sales outlook fairly meaningfully,” Antalffy wrote.
The post DexCom prelims top expectations, sends shares soaring appeared first on MassDevice.
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